Whales Moving Shiba Inu (SHIB) Tokens Off Exchanges
Date: 2024-01-09 Author: Dima Zakharov Categories: BLOCKCHAIN
Shiba Inu (SHIB) has been facing downward pressure lately in line with the overall altcoin market trend, but interestingly, whales are taking advantage of the dip to accumulate their favorite meme coin.
According to on-chain analysis platform Spotonchain, one whale has moved more than 500 billion SHIB tokens into their wallet. At the time of writing, this whale's entire portfolio consists solely of SHIB tokens, valued at $5 billion.
Spotonchain has been tracking the movements of five SHIB whales, including Justin Sun, the founder of Tron.
"We have noticed that in the last 1.5 months, five whales (including Justin Sun) have withdrawn 2.742 trillion SHIB ($25.2 million) from Binance at an average price of $0.05921. Currently, these whales are still holding all their tokens, which are now worth $24.9 million."
Additionally, SHIB reserves on exchange accounts have decreased by over 4% since December 16, from 166 trillion to 159 trillion SHIB.
Reducing exchange reserves occur when traders and investors move coins to their wallets for long-term holding, reducing the available supply for purchase, which can drive up prices.
As of the publication of this article, SHIB is trading at approximately $0.00000918, marking a nearly 30% drop from its December peak, with a 12% decrease in the past week.
